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However, February’s sales pace was revised slightly higher to 4.60 million units from the previously reported 4.59 million units. Economists polled by Reuters had expected sales at a 4.62 million-unit sales pace last month.

And in a sign that the nation’s glut of unsold homes was easing, inventories fell to 2.37 million. Realtors in some markets have reported shortages of housing stock, the NAR said.

Nationwide, the median price for a home resale rose to $163,800 (U.S.) in March, up 2.5 per cent from a year earlier.

Distressed sales accounted for 29 per cent of resales, down from 34 per cent in February, the NAR said.